Giant Interactive Announces Share Repurchase Program
SHANGHAI, China/Xinhua-PRNewswire/ -- Giant Interactive Group Inc. (NYSE:GA)
("Giant"), one of China's leading online game developers and operators,
today announced that its board of directors has approved a share
repurchase program. Under the terms of the approved program, Giant may
repurchase up to US$150.0 million worth of its issued and outstanding
American Depositary Shares ("ADSs") from time to time in open-market
transactions on the NYSE Euronext.
The repurchases will be made from time to time on the open market at
prevailing market prices, in negotiated transactions off the market, in
block trades or pursuant to a 10b5-1 plan. The purchases will be made
subject to restrictions relating to volume, price and timing. The
timing and extent of any purchases will depend upon market conditions,
the trading price of its ADSs and other factors, including customary
restrictions on share repurchases. Giant expects to implement this
share repurchase program in a manner consistent with market conditions
and the interest of the shareholders. Giant's board of directors will
review the share repurchase program periodically, and may authorize
adjustment of its terms and size accordingly. Giant plans to fund
repurchases made under this program from available working capital.
Mr. Yuzhu Shi, Chairman and Chief Executive Officer of Giant,
commented, "Our board of directors' approval of the share repurchase
program reflects our continued commitment to increase shareholder value
and confidence that the current ADS price levels do not reflect our
current potential value. In addition to the share repurchase program,
we will continue to execute on our key growth plan of broadening our
player base via enhanced community and increased loyalty."
About Giant Interactive Group Inc.
Giant Interactive Group Inc. (NYSE:GA)
is one of China's leading online game developers and operators in terms
of revenues, focusing on massively multiplayer online role playing
games. Giant's first game, ZT Online, was voted the most popular online
game in China in 2006 according to International Data Corporation.
Giant's second game, Giant Online, entered into open beta testing on
March 28, 2008. Giant has two additional online games that it intends
to commercially launch, including King of Kings III and Empire of
Sports. Giant has built a nationwide distribution network to sell the
prepaid game cards and game points required to play its games, which as
of March 31, 2008 consisted of over 270 distributors, and reached over
116,500 retail outlets, including internet cafes, software stores,
supermarkets, bookstores, newspaper stands, and convenience stores
located throughout China. For more information, please visit Giant
Interactive Group on the web at http://www.ga-me.com/ .
Forward Looking Statements
This release contains forward-looking statements within the meaning
of the Securities Act of 1933 and the Securities Exchange Act of 1934.
These statements are made under the "safe harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Statements
that are not historical facts, including statements about Giant's
beliefs and expectations, are forward-looking. These statements
include, among other things, Giant's anticipated repurchase of its
ADSs. Giant may repurchase all US$150.0 million of its ADSs, no ADSs,
or any amount in between, depending on the trading price of its ADSs,
which may be positively or negatively impacted by the share repurchase
program, market conditions, determinations following the date of this
announcement to use such funds for other purposes, or for other
reasons. These forward-looking statements are not historical facts but
instead represent only Giant's belief regarding future events, many of
which, by their nature, are inherently uncertain and outside its
control. For a discussion of important factors that could adversely
affect Giant's business, financial condition, results of operations and
prospects, see "Risk Factors" beginning on page 7 of Giant's annual
report on Form 20-F filed with the Securities and Exchange Commission
on June 18, 2008. Giant undertakes no obligation to update or revise
these forward- looking statements, whether as a result of new
information, future events or otherwise, after the date of this press
release. Such information speaks only as of the date of this release.
For more information, please contact:
Investor Contact:
Rich Chiang, IR Manager
Giant Interactive Group Inc.
Tel: +86-21-6451-1258
Investor Relations (HK):
Ruby Yim
Taylor Rafferty
Tel: +852-3196-3712
Investor Relations (US):
Mahmoud Siddig
Taylor Rafferty
Tel: +1-212-889-4350
Media Contact:
John Dudzinsky
Taylor Rafferty
Tel: +1-212-889-4350
Source: Giant Interactive Group Inc.
CONTACT: Investor Contact: Rich Chiang, IR Manager, Giant Interactive
Group Inc. at +86-21-6451-1258; Investor Relations (HK): Ruby Yim at +852-
3196-3712; Investor Relations (US): Mahmoud Siddig at +1-212-889-4350; Media
Contact: John Dudzinsky at +1-212-889-4350, all three at Taylor Rafferty for
Giant Interactive Group
Web site:
http://www.ga-me.com/